Omnibus Small Business Act of 1991

Summary

Omnibus Small Business Act of 1991 - Title I: Cabinet Level Status for Administrator of the Small Business Administration - Expresses the sense of the Congress that the Administrator of the Small Business Administration should be designated by the President as a full-fledged member of the Cabinet, to serve as the President's principal advisor on all small business matters. Amends Federal law to raise the Administrator's pay to an executive level commensurate with cabinet status. Title II: Judicial Review Under Regulatory Flexibility Act - Amends the Regulatory Flexibility Act to repeal the proscription against judicial review of agency determinations regarding regulatory flexibility. Title III: Study of Impact of Regulatory Analysis Upon Small Business - Requires the Chief Counsel for Advocacy of the Small Business Administration to study the impact of Federal regulatory paperwork and tax requirements upon small business. Title IV: Relief from Retroactive Application of Treasury Department Regulations and Rulings - Amends the Internal Revenue Code to provide that all final, temporary, or proposed regulations and rulings issued by the Secretary of the Treasury shall apply prospectively from the date of their publication in the Federal Register. Title V: Increase in Amount of Deductions for Health Insurance Costs of Self-Employed Individuals - Amends the Internal Revenue Code to increase the amount of deductions for health insurance costs for self-employed individuals from 25 percent to 100 percent of the amount of insurance paid during the taxable year. Title VI: S Corporations - Amends the Internal Revenue Code to increase from 35 to 50 the maximum number of shareholders of a small business corporation. Title VII: Fair Labor Standards Act - Amends the Fair Labor Standards Act of 1938 with respect to minimum wage and maximum hours to include within its purview workers engaged in industrial homework. Includes within the purview of the Act's sex discrimination provisions employees engaged in commerce or in the production of goods for commerce. Extends the Act's provisions to handicapped workers engaged in commerce or the production of goods for commerce.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 3 January 1991

  Open at official source

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